By Matt Egan, CNN Business Russia has spent the past half-century attempting to build a reputation on the world stage as a reliable supplier of energy. It took Vladimir Putin mere months to cast serious doubt on that reputation. “I wouldn’t trust them,” US Energy Secretary Jennifer Granholm told CNN in response to a question
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By Nathaniel Meyersohn, CNN Business Decades-high inflation is leading to a split in American consumers’ behavior. Affluent shoppers are splurging on new outfits at Macy’s, Nordstrom and other high-end outlets, while lower-income customers are pulling back on discretionary items, leading retailers say. Macy’s said Thursday that comparable sales at stores open for at least one
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By Paul R. La Monica, CNN Business China’s economy has slumped as Covid cases surged in the world’s most populous country. But Chinese consumers stuck at home are still spending. E-commerce giant Alibaba reported better-than-expected earnings and sales for its most recent quarter Thursday. Shares of Alibaba were up nearly 15% in late morning trading
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By Frank Pallotta, CNN Business “Top Gun: Maverick” took off at the box office this weekend — setting a new record in the process. The sequel to the 1986 blockbuster, which has Tom Cruise reprise his most iconic role as Pete “Maverick” Mitchell, made an estimated $156 million domestically for its four-day opening weekend, according
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By Jessie Yeung, CNN Business China’s cabinet held an emergency meeting with more than 100,000 participants on Wednesday, according to state media, as top leaders urged new measures to stabilize an economy battered by the country’s stringent Covid-19 restrictions. The unexpected video teleconference by the State Council was attended by officials across provincial, city and
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By Anna Bahney, CNN Business Mortgage rates fell for a second consecutive week, but still remain above 5%. The 30-year, fixed-rate mortgage averaged 5.10% in the week ending May 26, down from 5.25% the week before, according to Freddie Mac. It is still well above the 2.95% average from this time last year. “Mortgage rates
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By Frank Pallotta, CNN Business “Top Gun: Maverick” hits theaters this weekend, marking the return of one of the biggest movie stars of the 1980s and 1990s. We’re not talking about Tom Cruise. Val Kilmer returns to the screen to reprise his role as Tom “Iceman” Kazansky in the long-awaited sequel to the 1986 blockbuster.
Continue Reading By Frank Pallotta, CNN Business “Top Gun: Maverick” hits theaters this weekend, marking the return of one of the biggest movie stars of the 1980s and 1990s. We’re not talking about Tom Cruise. Val Kilmer returns to the screen to reprise his role as Tom “Iceman” Kazansky in the long-awaited sequel to the 1986 blockbuster.
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By Frank Pallotta, CNN Business Tom Cruise is one of the most popular movie stars in Hollywood history. The actor has had a 40 year career of hits including “War of the Worlds,” “A Few Good Men” and “Jerry Maguire.” This weekend he returns to his iconic role of Pete “Maverick” Mitchell in “Top Gun:
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By Allison Morrow, CNN Business The deepening chasm between the crypto evangelists and naysayers may never have been as stark. On Wednesday, Andreessen Horowitz, the most prominent Silicon Valley venture capital group, made a $4.5 billion bet on what it called a “golden era” for cryptocurrencies, citing “a massive wave of world-class talent” that’s entered
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By Anneken Tappe, CNN Business America’s economy shrank in the first quarter of the year at a slightly faster rate than initially reported, the Bureau of Economic Analysis said Thursday. US gross domestic product, the broadest measure of economic activity, decreased at an annualized rate of 1.5% between January and March, adjusted for seasonal swings,
Continue Reading By Anneken Tappe, CNN Business America’s economy shrank in the first quarter of the year at a slightly faster rate than initially reported, the Bureau of Economic Analysis said Thursday. US gross domestic product, the broadest measure of economic activity, decreased at an annualized rate of 1.5% between January and March, adjusted for seasonal swings,
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By Frank Pallotta, CNN Business Jimmy Kimmel delivered yet another emotional plea to America’s lawmakers after a mass shooting in America. The ABC late night host responded to the school shooting this week at Robb Elementary School in Uvalde, Texas, with tears in his eyes. “Here we are again, on another day of mourning in
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By Anna Cooban and James Frater, CNN Business Europe’s united front against Moscow is being put to the test as countries struggle to agree a ban on Russian oil imports. European Union diplomats failed to reach consensus Sunday on the terms of an embargo, but held further talks Monday in preparation for a summit of
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By Anna Cooban, CNN Business The UK government is introducing a £5 billion ($6.3 billion) tax on the windfall profits of its oil and gas companies, bowing to pressure from campaigners to raise money to help millions of people struggling with the worst cost-of-living crisis in decades. Finance Minister Rishi Sunak unveiled the new 25%
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By Samantha Murphy Kelly, CNN Business Millions of students who participated in virtual learning during the Covid-19 pandemic had their personal data and online behaviors tracked by educational apps and websites without their consent and in many cases shared with third-party advertising technology companies, a new report has found. Human Rights Watch, an international advocacy
Continue Reading By Frank Pallotta, CNN Business Jimmy Kimmel delivered yet another emotional plea to America’s lawmakers after a mass shooting in America. The ABC late night host responded to the school shooting this week at Robb Elementary School in Uvalde, Texas, with tears in his eyes. “Here we are again, on another day of mourning in
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By Mark Thompson and Clare Sebastian, CNN Business Russia slashed interest rates on Thursday as a resurgent ruble — buoyed by robust oil and gas revenues and government support — takes some pressure off its wobbling economy. At an extraordinary meeting, the Russian central bank cut interest rates to 11% from 14% and said further
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By Nathaniel Meyersohn, CNN Business At the grocery store, shoppers have seen food prices increase at their fastest pace in decades. Yet the price of one hot, juicy, spit-roasted favorite hasn’t budged at several top chains: rotisserie chickens. Despite a 16.4% annual increase in chicken prices rotisserie chickens remain $4.99 at Costco and BJ’s Wholesale
Continue Reading By Jessie Yeung, CNN Business China’s cabinet held an emergency meeting with more than 100,000 participants on Wednesday, according to state media, as top leaders urged new measures to stabilize an economy battered by the country’s stringent Covid-19 restrictions. The unexpected video teleconference by the State Council was attended by officials across provincial, city and
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